New Zealand NZ50 - Wherefore goest thou?The New Zealand NZ50G (gross) benchmark index versus some indicative major components: Spark telecoms SPK, Auckland International Airport AIA, and then the electricity generation utilities Meridian MEL, Contact CEN and Mercury MCY along with the NZX Utilities Index G55G - and last, but definitely not the least, is presently the largest New Zealand company Fisher & Paykel Healthcare FPH.
Nz50
AUD/NZD: Correlations updatePart 2:
Here's the correlation chart for AUD/NZD. Interest rate differentials pretty much match the current spot price, so it's the Australian vs New Zealand stock market ratio that we're focusing on (blue line)
The chart shows a strong divergence between the exchange rate and the AU/NZ stock markets, which hints at the possibility of a stronger NZD in the coming period.
NZX 50 INDEX (NZ50G) Trading Plan
The Main New Zealand stock index reached a key structure level.
the price has already got rejected on a daily signifying the significance of the underlined zone for the market participants.
on 4H we see a narrow trading range with a potential lower high formation.
on focus in 10350 structure support.
in case of a bearish candle close below that, the index will drop
target levels will be: 9950 / 9450
good luck!
NZD - Near the top or at the topNZX50 just published a very bearish candle. Gapping to the upside then moving lower in a day.
Possible short opportunity but wait for confirmation.
Price overbought according to indicators.